Current tenancy agreement and tenant details (if applicable) Building service charge clearance certificates Mortgage status documentation (if applicable) Property insurance documentation Community service fee statements Recent pest control and maintenance records.
Financial and Legal Processes: Ensuring a Smooth Transaction When selling property in Dubai, once you accept an offer, you'll enter into a Memorandum of Understanding (MOU) with the buyer, which outlines the terms and conditions of the sale. For mortgaged properties, the process includes several critical steps: Obtaining a Liability Letter from your bank (typically takes two weeks), which details the outstanding mortgage amount Facilitating the buyer's mortgage settlement process and coordinating with their bank Securing the Clearance Certificate and original Title Deed Coordinating with all parties to ensure smooth documentation flow Arranging property valuation if required by the buyer's bank Managing escrow account requirements and fund transfers Final Steps to Successful Completion The final phase involves securing the No Objection Certificate (NOC) from the developer, which confirms that all charges and maintenance fees are settled. This process typically takes up to seven working days and requires careful attention to detail. The sale concludes at the Dubai Land Department, where ownership transfers to the new owner, and you receive payment via manager's cheque. It's crucial to ensure all utility accounts are properly closed and final readings are taken to avoid any post-sale complications.
